Cardiff City have recorded losses of £13,605,000 in their latest set of financial accounts – bringing their overall debt to just over £83m.

Cardiff City have recorded losses of £13,605,000 in their latest set of financial accounts – bringing their overall debt to just over £83m.

The Bluebirds posted their latest set of accounts for the year ending May 31, 2012, earlier today.

The figures showed that the club has made a significant increase in turnover, from £15,947,000 to £20,216,000.

And an appearance in the Carling Cup final contributed almost £2.3m to turnover for the year.

But much of that money has come out the other side due to rising administrative costs and interest on loans to the club.

There was also an exceptional cost of around £1.6m – monies largely paid to Dave Jones and his backroom staff after they were sacked following a failed bid to win promotion in 2011. That figure also includies money paid to Malky Mackay's former club Watford for his release.

Elsewhere, it was revealed debt to Langston, the company represented by Sam Hammam, now stands at £19,259,000 repayable by 2016 due to interest.

And it was revealed Langston are due a one-off payment of £5m if the debt remains outstanding by the time City win promotion to the Premier League.

Overall, Cardiff City Football Club (Holdings) Limited - the umbrella company incorporating the football club - owes £51,920,000 to creditors in the next 12 months and £31,175,000 to creditors after that period.

However within the £51m owed over the next year, £37,431,000 is largely notional – money owed to Malaysian backer Vincent Tan.

Elsewhere, the wage bill in 2012 was up to £18.5m from £13.9m the previous year but the accounts do not cover the more recent financial period in which the Bluebirds have forked out big money for signings like Nicky Maynard, Craig Noone and Etien Velikonja.

Outlining the club’s financial position, directors of the club in their report said: “Whilst the dream of reaching the Premiership wasn’t realised, increased revenues and some improvement in operating performance was achieved.

“The results for the year to May 2012 include the impact of reaching the Carling Cup Final at Wembley which contributed almost £2.3m to turnover for the year.

“The club continues to face the challenging financial environment presented by the Championship competition, as illustrated by the operating loss year-on-year, despite significant turnover growth – these gains being absorbed by increased direct football costs.”

In their summary and outlook for City, directors added: “Through the continued support of our Malaysian investors we have invested in the playing squad and hope to see the benefit of that investment during the remainder of the season as we push for the desired aim of promotion and beyond.

“For the 2012/13 season the club made a strategic decision to change the colour of its home strip from blue to red but retained the blue strip for away matches.

“Accompanied by a change in the club’s badge, the rebranding is seen by the club as a positive step in securing future commercial opportunities.

“The new investors have indicated that providing the business develops as planned, they will continue to support the club in the foreseeable future and provide additional finance in order that it can settle its liabilities.”

Accountant and City fan Keith Morgan told WalesOnline: “The headlines are they have made a further loss of around £13.5m.

“It clearly shows the club can’t operate at a profit while it remains at Championship level. I think the other point is, despite the fact the income went up by more than £4m, we still made a bigger loss.

“There’s some likely points as to why we made a bigger loss.

“The cost of sales has gone up a bit, administrative expenses have gone up from £6m to £8m and the query is: why have they gone up by £2m because the stated thing was to make the club more efficient and stop waste but it appears we are spending £2m more on general running costs and I don’t know why.

“£1.6m is exceptional costs – that’s the compensation for when Dave Jones and his support staff were sacked.

“Further down again, the interest charge has gone up and we have 7% interest.”

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